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GST for Restaurants
What is the composition scheme for Restaurants?
Replies (14)
there is no requirement from yesterday to opt composition scheme all r liable to pay 5 % duty that can collected from consumers and not entitled to get any input tax credit
u can pay 5% as compounding rate and can file only one quarterly return
so there is no composition scheme for Restaurants now?
no..it is still applicable
then please let me know what is the composition scheme of restaurant??
as per section 10 restaurant can pay 5% (2.5+2.5) as coumpounding rate under composition scheme. But can not charge it separately in the invoice. He is required to file GSTR 4 ONLY ON QUARTERLY BASIS.
Turnover limit is 2 crore now.
Turnover limit is 2 crore now.
It means, if the turnover is below 2 crore, we can go for composition scheme, without charging gst in the bill and paying directly 5% on turnover
yes exactly
and u will have to file only one quarterly return
And if we go for normal scheme?
5% can be changed in the bill?
yes but compliance burden will be very high.
u will have to file 3B till march and if your turnover is more than 1.5 monthly 1-2-3 will have to be filed. otherwise quarterly three return to be filed.
u will have to file 3B till march and if your turnover is more than 1.5 monthly 1-2-3 will have to be filed. otherwise quarterly three return to be filed.
okay. thank you
pay 5% tax without itc
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